Back in 2005, the world economy was “humming along.” World growth in energy consumption per capita was rising at 2.3% per year in the 2001 to 2005 period. China had been added to the World Trade Organization in December 2001, ramping up its demand for all kinds of fossil fuels. There was also a bubble in the US housing market, brought on by low interest rates and loose underwriting standards.
During this year’s United Nations (UNFCCC) 27th Conference of the Parties (COP 27) in Egypt, Ghana’s President Akufo-Addo has been teaming up with colleague African presidents to push rich countries who pollute the most to release the $100 billion in climate finance promised to poor countries to help them green their economies and adapt better to climate change.
The establishment of a petroleum hub in the Jomoro District in the Western Region will create about 680,000 jobs, the Western Regional Minister Kwabena Okyere Darko-Mensah has said.
Short-term oil price forecasts have been persistently bullish this year, with most forecasters expecting benchmarks to top $100 sometime next year.
Oil prices declined on Wednesday and were still lower early on Thursday morning as NATO made clear that the missile that fell in a Polish village did not come from Russia.
The global energy industry is at a turning point. Unprecedented shocks to the global economy stemming from the Covid-19 pandemic and compounded exponentially by Russia’s illegal war in Ukraine have caused massive disruption to the global economy and forced nations around the world to rethink their energy policies and energy security strategies, opening a window for a genuine clean energy transition without the usual inertia faced by such a revolution.
The Institute for Energy Policies and Research (INSTEPR) has said about $500 million was needed to revamp the Tema Oil Refinery.
Government is collaborating with the private sector to develop a petroleum hub in the Jomoro district of the Western region at a cost of six billion dollars.
The UK North Sea still has a lot to offer when it comes to oil and gas reserves yet to be produced. However, unpredictable fiscal conditions are denting the confidence of offshore energy-producing companies to invest and revitalize oil and gas exploration activity, Offshore Energies UK said in a report on Tuesday.
A new briefing launched today at COP27 in Sharm-el-Sheikh by Oil Change International reveals that new oil and gas production approved to date in 2022 and at risk of approval over the next three years could cumulatively cause 70 billion tonnes (Gt) of new carbon pollution if fully developed. That is equivalent to: